By revenue, the decorative paints and coatings market was valued at approximately USD 138.15 billion by the end of 2022. By2028, it is projected to have grown at a CAGR of 8.11% to reach USD 172.65 billion.
The global decorative paints and coatings market was valued at USD 93.7 Billion in 2020 and is expected to grow at a CAGR of 5.8% over the forecast period. Booming in the construction industry across the world is one of the major factors that directly promote the growth of the market. Rising infrastructure development across the Asia Pacific region is also the factor that directly promotes the growth of the decorative paints and coatings market. Increasing demand for refurbishment activities in developing economies is another factor for the development of the market. However, the limited chemical stability of the raw material price coupled with fluctuation in the current exchange range is likely to hamper the growth of the market. The market will grow healthy CAGR% during the forecasted year. Nonetheless, ongoing research and development in the field of architectural coatings will bring huge growth opportunities during the forecasted year.
Decorative paints and coatings, which is also a part of architectural coatings, are primarily applied to buildings and related structures such as commercial offices and complexes. Decorative paints & coatings are applied to the structures mainly for decoration and protection. These coatings exhibit numerous properties such as protection against UV radiation, extreme temperature, moisture, and microorganisms. Decorative paints and coatings offer several benefits such as light absorption, insulation, and reflection which helps to increase the durability of the structure.
An analysis of the global decorative paints and coatings market types portrays the availability of primers, enamels, and emulsions among others. Different types of decorative paints and coatings are available, depending upon their usage. Primers are applied to form a base of the final coating whereas the enamel coating is applied to a certain part of the structure that is susceptible to stain and dirt. Emulsions are high-quality paints used for interior applications such as ceilings and surface walls. Cement paints, distempers are considered among other types used in commercial and residential applications. Among product types, emulsion is projected to account for more than 40% of the global decorative paints and coatings market share.
Major current market players include PPG Industries Inc., The Sherwin-Williams Company, Akzonobel N.V. , Asian Paints Limited, Kansai Paints, Masco Corporation, Nippon Paints Co. Ltd,BASF Coatings GmbH and Others
Decorative Paints And Coatings Market Scope
|Revenue forecast in 2028
|USD 172.65 billion
|CAGR of 8.11% during 2018-2028
|Product, Technology, End-Use, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|PPG Industries Inc., The Sherwin-Williams Company, Akzonobel N.V. , Asian Paints Limited, Kansai Paints, Masco Corporation, Nippon Paints Co. Ltd,BASF Coatings GmbH
Segment Overview of Global Decorative Paints and Coatings Market
Product Overview, (USD Billion)
Technology Overview, (USD Billion)
- Waterborne Coatings
- Solventborne Coatings
End-Use Overview, (USD Billion)
Regional Overview, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global decorative paints and coatings industry
- The overall segmentation of decorative paints and coatings market, especially key segments are thoroughly studied.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of decorative paints and coatings market
What does the report include?
- The study on the global decorative paints and coatings market includes analysis of qualitative market indicators such as drivers, restraints, challenges, and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of treatment type and country. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global decorative paints and coatings market is suitable for all the players across the value chain including raw material suppliers, producer, distributors, suppliers, and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global decorative paints and coatings market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global decorative paints and coatings market
Frequently Asked Questions (FAQ) :
The global decorative paints and coatings market is highly fragmented in nature as large number of small decorative paints and coatings processing companies are operating in this industry. Manufacturers are adopting mergers & acquisitions and new product development strategies to increase their geographical reach. For instance, In November 2018, AkzoNobel acquired Malaysia’s Colourland Paints business thereby strengthening business in Southeast Asia. Likewise, in September 2018, AkzoNobel N.V. acquired Xylazel S.A. (Xylazel), subsidiary of Pharma Mar S.A. (PHM) thereby becoming a leader in the woodcare and decorative paints in Spain.
Based on product, the market is classified into Primer, Enamel, Emulsions and Others. Emulsion segment is expected to grow at the highest CAGR% in the coming years. The growth is mainly contributed due to increasing demand from the residential purpose. Rising standard of living followed by increasing research and development in emulsion paints is the major contributing factor which promote the growth of the market.
Based on technology, the global decorative paints and coatings market is classified into waterborne coatings and solvent-borne coatings. Waterborne coating holds the largest market share in the year 2020. The segment contributes more than 60% of the global market share. The factor associated with segment growth is the customer preference of Waterborne Coatings over Solventborne Coatings. Waterborne coatings are the coating that uses water solvent to disperse the resin. This assists in making coating eco-friendly and easy application. Waterborne coatings also offer superior characteristics such as heat resistance, abrasion, and low toxic content as compared to its counterpart which is known to contain VOCs and other air pollutants.
On the basis of end-user, the global market is classified into two type commercial and residential. The commercial segment is expected to grow at the highest CAGR% in the year 2020. The phenomenon will remain the same for the segment during the forecasted year. In terms of revenue, the residential hold the largest market share in the year 2020. The growth is contributed due to heavy investment in the residential infrastructure.
The report classified into five major regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In North America, the United States itself holds more than 75% of the total market shares in the year 2020. The Asia Pacific accounted for more than 40% of the global market share in the terms of consumption. A country like India, China holds more than 1/3rd of the global population and is rising. Rising economic growth in this region is the major driving factor for the growth of the market. The high economic rise in the Southeast Asia region is projected to witness the healthy growth of the market due to increasing spending on Infrastructure. Latin America shows moderate growth during the historic period. Brazil is the major consumer and holds more than 50% of the global Latin American market.